San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1887-12-15
THE MESSAGE.
President Cleveland's Recon-.
mendatiOn to Congress.
HIS TALK ON THE TARIFF.
THE SURPLUS IN THE TREASURY
THE ONE SUBJECT.

ue Holds Congress Responsible for the
Large Surplus, and Says That ny Next
June There VIII BE One Hundred and
Forty Million Dollars In the Treasury.
To the Congress of the United States:
You are confronted at the threshold Of
your legislative duties, with condition Of
the National finances which imperatively
demands immediate and careful oonsidera-
ton. The amount of money annually ex-
acted through the operation Of present law,
from the industries and necessities Of the
people largely exceeds the sums necessary
to meet the expenses Of tho government.
When we consider that the theory of our
institutions guarantees to every citizen the
full enjoyment Of the fruits Of his industry
and enterprise, with only such deduction as
economical maintenance Of the government
which protects him, it is plain that the ex-
action of more than this Is indispensable ex-
tortion and culpable betrayal Of Ameri-
can fairness and justice. This wrong in
Hicted upon those who bear the burden Of
National taxation, like other wrongs, mul.
tiples a brood of evil consequences.
The public treasury which should only
exist as conduit, conveying the peoples
tribute to its legitimate objects Of expendi-
ture, becomes boarding place for money
needlessly withdrawn from trade and the
peoples use, thus orippling our National
energies, suspending our oountry's develop
s,.u In
enterprise, threatening financial disturb
ance and inviting schemes Of public
plunder. This condition of our treasury is
rot altogether new; and 1t has more than
once of late been submitted to the peoples
representatives in the congress, who alone
can apply remedy. And yet the situation
still continues, with aggravated incidents,
more than ever, presaging financial con-
vulsion and widespread disaster. 1t will
not do to neglect this situation, because It's
dangers are not now palpably imminent
and apparent. They exist none the less
certainly, and await the unforeseen and I'M
expected occasion when suddenly they will
be precipitated upon us.
On the 3Oth day Of June, 1885, the excess
of revenues over public expenditures after
complying with the annual requirement. of
the sinking fund act, was $l7,S59, 735. 81;
during the year ended June 30, 1886. such
excess amounted to $49, 4,5, ,5A5 20; and dur
ing the year ended June 80, 1857, 1t reached
the sum of s55 ,567, ,s49.54.
The annual contributions to the sinking
fund during the three years above specified
amounting in the aggregate to Sl33,053,
320 94 and deducted from the surplus as
stated, were made by calling in for that
purpose outstanding three percent. bonds
of the government During the six months
prior to June 30, 1887, the surplus revenue
had grown SO largely repeated accumula-
tlons and it was feared the withdrawal of
this great sum needed by the people would
so affect the business Of the country that
the sum of S7O, 864, 100 Of such surplus was
applied to the payment Of the principal and
interest of the three-per-cent. bonds still
outstanding and which were then payable
at the option Of the government. The pre-
carious condition of financial affairs among
the people still needing relief, Immediately
after the 3Oth day of June, 1887, the re-
mainder Of the three-per-cent bonds then
outstanding, amounting with principal and
interest to the sum Of 1857, 500 were
called in and applied to the sinking fund
contributions or the current fiscal year.
Notwithstanding these operations Of the
treasury department representatives of dis:
tress in business circles not only continued,
but increased, and absolute peril seemed at
hand. In these circumstances the contribu-
ton to the sinking fund for the current fis-
cal year was at once completed by the ex-
penditure Of $27, ,6S4, 2S3, 55 in the purchase
of government bonds, not yet due,
bearing and l-2 per cent. interest,
the premium paid thereon averaging about
"a per cent for the former. and
8 per cent for the latter In addition
to this the interest accruing during the cur.
rent year upon the outstanding bonded in
dc ebtedness of the government was to some
extent anticipated, and banks selected as
repositories of public money were per-
mitted to somewhat increase their de-
posits.
While the expedient thus employed to re.
lease TO the people the money lying idle in
the treasury, served to avert Immediate
danger, our surplus revenues have con-
tinued to accumulate, the excess for the
present year amounting on the ist day of
December to s55, ,25S, ,7Ol.l9, and estimated
10 reach the sum Of S:lS, 900, 900 on ths 3Oth
Of June next, at which date it Is expected
that this sum, added to prior accumula-
tionS will swell the surplus in the treasury
10 Sii0, ,000,O 900. There seems to be no assur-
snce that, with such a withdrawal from
lss Of tBe peoples circulating medium, our
business community msy not In the near
Iu,ure, be subjected to the same distress
which was quite lately p-Oducsi from ths
iame cause, and while the functions Of our
National treasury should be few and simple.
md while it best condition would Be
cached, believe, b. its entire dtscOnnec-
iic1 with private b1sines interests, yet.
shen, BY perversion Of it, purposes, 10
ily holds money useisssly subtracted from
he chann-is Of trals. there sssms 10 b
-eason for the claim that soma legitimate
mans should b. dsvissi by the government
% restore in an emer ssncy, without waste
y extrzvagA1cs, such money 10 It's place
lInoug the people.
II such an emergency arises there nov ex-
sts no Gear and und0ubtei erscutivs
soNer q relief Heretofors tie rsdsmp-
so1 q thrse-per-os1t bonds which we're
11ystls ct TIE option q THE goTsrnos1t,
"a afforded . means for rbs difburssms1t
. TIE sKo4ss of our rsvs1uss; Tut tbess
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